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Markets trade at day’s high levels in late afternoon session
Apr-25-2024

Indian equity markets extended their gains in late afternoon session. Markets currently traded at day’s high levels on account of buying in front line counters. As for broader indices, the BSE Mid cap index and Small cap index traded with gains of over half a percent. Sentiments were upbeat as the Comprehensive Economic Partnership Agreement (CEPA) Council Director Ahmed Aljneibi has said that the trade between India and UAE increased 15 per cent since the implementation of the free trade agreement in May 2022 and the both are on track to surpass the target of $100 billion in non-oil trade by 2030. 

On the global front, Asian markets were trading mostly in red as Facebook parent Meta Platforms posted better-than-expected earnings but warned that expenses would be higher this year due to ‘aggressive’ spending on artificial intelligence (AI). Investors also looked ahead to the release of U.S. GDP data for the first quarter as well as earnings reports from major companies across various sectors. European markets were trading mostly in red as investors reacted to mixed earnings results and awaited the latest financial results from the U.S. megacaps.

The BSE Sensex is currently trading at 74462.99, up by 610.05 points or 0.83% after trading in a range of 73556.15 and 74498.39. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.58%, while Small cap index was up by 0.56%.

The top gaining sectoral indices on the BSE were PSU up by 1.81%, Capital Goods up by 0.98%, Healthcare up by 0.97%, Industrials up by 0.93% and Energy was up by 0.88%, while Realty down by 1.05% and Consumer Durables was down by 0.38% were the only losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 6.31%, SBI up by 3.98%, Nestle up by 2.33%, Bajaj Finserv up by 2.27% and Sun Pharma up by 2.08%. On the flip side, Kotak Mahindra Bank down by 11.25%, Hindustan Unilever down by 1.10%, Titan Company down by 0.63%, Asian Paints down by 0.36% and Ultratech Cement down by 0.04% were the top losers.

Meanwhile, credit rating agency, India Ratings and Research (Ind-Ra) in its latest report has said that the demand for industrial credit from corporates with capex plans is expected to remain muted, due to strong cash flows, modular nature of investments and flexibility to tap equity markets. 

The report noted that consequently, financial leverage is likely to remain muted and a meaningful increase in the credit requirements of banks/capital markets will be largely driven by movements in working capital cycles and/or potential inorganic opportunities. 

As per the agency, this could keep credit spreads tighter than historical levels and expose the system to mispricing of risk. The agency has estimated banking system credit growth of around 15% year on year (y-o-y) for FY25 in its ‘FY25 Outlook: Banks’.

The CNX Nifty is currently trading at 22567.55, up by 165.15 points or 0.74% after trading in a range of 22305.25 and 22600.00. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 6.35%, Dr. Reddy's Lab up by 4.11%, SBI up by 3.97%, Nestle up by 2.53% and Bajaj Finserv up by 2.31%. On the flip side, Kotak Mahindra Bank down by 11.30%, LTIMindtree down by 2.01%, Hindustan Unilever down by 1.12%, Titan Company down by 0.75% and Tata Consumer down by 0.73% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 831.6 points or 2.21% to 37,628.48, Taiwan Weighted lost 274.32 points or 1.38% to 19,857.42, KOSPI dropped 47.13 points or 1.79% to 2,628.62, Jakarta Composite plunged 22.67 points or 0.32% to 7,151.86 and Straits Times was down by 6.35 points or 0.19% to 3,286.78. On the flip side, Shanghai Composite strengthened 8.08 points or 0.26% to 3,052.90 and Hang Seng was up by 83.27 points or 0.48% to 17,284.54.

European markets were trading mostly in red; France’s CAC fell 30.23 points or 0.37% to 8,061.63 and Germany’s DAX was down by 86.79 points or 0.48% to 18,001.91. On the flip side, UK’s FTSE 100 was up by 54.67 points or 0.68% to 8,095.05.
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